Partner Andrew Coles was a speaker for Lextegrity’s webinar titled “Data-Driven Compliance: Predictions for 2023” on December 15, 2022 with Ethisphere’s Scott Stevenson and Lextegrity’s Parth Chanda. Top takeaways from the discussion include:
- Regulatory guidance does not define what “good” means for each company’s compliance program, especially since company risks and risk tolerance differ.
- Recent regulatory guidance removed the optionality from analytics.
- Analytics have become a big part of customizing and building a “good” compliance program (i.e., how do you know if your compliance program effective?).
- Culture assessments are critical to create an environment that empowers employees to speak out against wrongdoings and measures people’s attitudes to their organization.
- Analytics allow for monitoring large volumes of data in real time.
- Data quality and completeness are key to successful analytic programs.
- Robust compliance programs include close communication and relationships between the CCO and CTO.
- No “one size fits all” approach to compliance but you have to start somewhere, even if you are unsure of the end result.
The recording can be found here.